Volkswagen vows to build 22 million e-cars over next decade

Volkswagen Golf Mk8 launch pushed back to 2020

It estimates that the automation of routine tasks will result in the loss of between 5,000 and 7,000 jobs by 2023 and that around 11,000 workers will be eligible for retirement in the coming years.

A Volkswagen badge on a production line at the Volkswagen plant in Wolfsburg, Germany, March 1, 2019.

Volkswagen has struggled to raise profitability at the VW brand for years.

The new cost cutting drive is a continuation of Volkswagen's 3 billion euros Zukunftspakt savings plan.

The auto maker announced.

When VW Group announced yesterday its overly ambitious plan to launch 70 new electric vehicles by 2028 amounting to 22 million units, it failed to reveal that there's a less glamorous part to that strategy.

At the same time, VW will create 2,000 new software jobs, as well as electronics positions in technical development, it said.

Ralf Brandstätter, Volkswagen's chief operating officer, said that the company needed to "do more to meet the challenges" the company is facing in the upcoming years, adding that the changes would make Volkswagen "fit for the electric and digital era".

The big carmaker's electric transition is driven by the need to conform to strict emissions limits on greenhouse gas carbon dioxide (CO2), set to bite in the European Union from 2020.

The Volkswagen I.D. will be a hatchback built on the company's "MEB" modular electric vehicle platform.

Besides plans to shrink its workforce, the VW passenger auto brand also targets to raise productivity and achieve €5.9 billion ($6.6 billion) worth of annual savings from 2023 in a bid to increase the operating margin to 6 percent.

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